BROKER FILES CLAIM AGAINST DEVELOPER.(BUSINESS)

Byline: JAMES DENN Business writer

TROY -- Now that Troy real estate developer John Hedley has received a tax break from the Troy Industrial Development Agency, a local commercial real estate broker has filed a claim against him.

Earlier this month, James K. Patrick III, president of Knox Equity Corp., filed a $370,650 claim against Hedley and Hedley Park Place of Troy Ltd., owner of the former Cluett, Peabody & Co. shirt factory that has become an office complex.

The lien against Hedley was filed just a few days after the IDA approved a new agreement in which Hedley will pay $105,570 instead of $230,000 on Hedley Park Place. His tax payments will be based on the building's occupancy rate.

According to legal papers, Patrick claims Hedley agreed to pay him a brokerage fee to get the project started, line up tenants and secure tax breaks from the city. Patrick says he worked on the project from late 1989 through late 1990. Patrick now says he wants to get paid.

The building is occupied by 810 workers employed by three companies: Value Behavior Health, the Visiting Nurse Association and Troy Savings Bank. Some 350 state Health Department jobs are slated to arrive in August.

The decision to grant Hedley a break comes when the city seeks a 21 percent tax increase from residents. Hedley says the tax break will make the building economically viable.

Hedley was not available to comment on Patrick's claim. Patrick declined comment.

BROKER FILES CLAIM AGAINST DEVELOPER.(BUSINESS)

Byline: JAMES DENN Business writer

TROY -- Now that Troy real estate developer John Hedley has received a tax break from the Troy Industrial Development Agency, a local commercial real estate broker has filed a claim against him.

Earlier this month, James K. Patrick III, president of Knox Equity Corp., filed a $370,650 claim against Hedley and Hedley Park Place of Troy Ltd., owner of the former Cluett, Peabody & Co. shirt factory that has become an office complex.

The lien against Hedley was filed just a few days after the IDA approved a new agreement in which Hedley will pay $105,570 instead of $230,000 on Hedley Park Place. His tax payments will be …